12.—(1) The Financial Collateral Arrangements (No 2) Regulations 2003 M1 are amended as follows.
(2) In regulation 3 (interpretation)—
(a)in paragraph (1), omit the definition of “recovery and resolution directive”;
(b)in paragraph (1A)(b), omit “under the recovery and resolution directive”.
(3) In regulation 15A(3) (insolvency proceedings in other jurisdictions) M2, omit the words “or Council Regulation (EC) No 44/2001” to the end of the paragraph.
(4) In regulation 18A(2) (restrictions on enforcement of financial collateral arrangements, etc) M3, for the words “has the meaning given” to the end, substitute “ means an arrangement under which two or more debts, claims or obligations can be set off against each other ”.
(5) In regulation 19 (standard test regarding the applicable law to book entry securities financial collateral arrangements)—
(a)in paragraph (2), after “country” insert “ , or territory, or where appropriate, the law of the part of the country or territory, ”;
(b)in paragraph (3), after “country” insert “ or territory ”.
Commencement Information
I1Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1S.I. 2003/3226. Paragraph (1A) was inserted by S.I. 2014/3348.
M2Regulation 15A was inserted by S.I. 2010/2993.
M3Regulation 18A was inserted by S.I. 2014/3348.